Internal Revenue Code:Sec. 6050I. Returns relating to cash received in trade or business, etc
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Location in Internal Revenue Code
TITLE 26 - INTERNAL REVENUE CODE
Subtitle F - Procedure and Administration
CHAPTER 61 - INFORMATION AND RETURNS
Subchapter A - Returns and Records
PART III - INFORMATION RETURNS
Subpart B - Information Concerning Transactions With Other Persons
Statute
Sec. 6050I. Returns relating to cash received in trade or business,
etc.
(a) Cash receipts of more than $10,000
Any person -
(1) who is engaged in a trade or business, and
(2) who, in the course of such trade or business, receives more
than $10,000 in cash in 1 transaction (or 2 or more related
transactions),
shall make the return described in subsection (b) with respect to
such transaction (or related transactions) at such time as the
Secretary may by regulations prescribe.
(b) Form and manner of returns
A return is described in this subsection if such return -
(1) is in such form as the Secretary may prescribe,
(2) contains -
(A) the name, address, and TIN of the person from whom the
cash was received,
(B) the amount of cash received,
(C) the date and nature of the transaction, and
(D) such other information as the Secretary may prescribe.
(c) Exceptions
(1) Cash received by financial institutions
Subsection (a) shall not apply to -
(A) cash received in a transaction reported under title 31,
United States Code, if the Secretary determines that reporting
under this section would duplicate the reporting to the
Treasury under title 31, United States Code, or
(B) cash received by any financial institution (as defined in
subparagraphs (A), (B), (C), (D), (E), (F), (G), (J), (K), (R),
and (S) of section 5312(a)(2) of title 31, United States Code).
(2) Transactions occurring outside the United States
Except to the extent provided in regulations prescribed by the
Secretary, subsection (a) shall not apply to any transaction if
the entire transaction occurs outside the United States.
(d) Cash includes foreign currency and certain monetary instruments
For purposes of this section, the term ''cash'' includes -
(1) foreign currency, and
(2) to the extent provided in regulations prescribed by the
Secretary, any monetary instrument (whether or not in bearer
form) with a face amount of not more than $10,000.
Paragraph (2) shall not apply to any check drawn on the account of
the writer in a financial institution referred to in subsection
(c)(1)(B).
(e) Statements to be furnished to persons with respect to whom
information is required
Every person required to make a return under subsection (a) shall
furnish to each person whose name is required to be set forth in
such return a written statement showing -
(1) the name, address, and phone number of the information
contact of the person required to make such return, and
(2) the aggregate amount of cash described in subsection (a)
received by the person required to make such return.
The written statement required under the preceding sentence shall
be furnished to the person on or before January 31 of the year
following the calendar year for which the return under subsection
(a) was required to be made.
(f) Structuring transactions to evade reporting requirements
prohibited
(1) In general
No person shall for the purpose of evading the return
requirements of this section -
(A) cause or attempt to cause a trade or business to fail to
file a return required under this section,
(B) cause or attempt to cause a trade or business to file a
return required under this section that contains a material
omission or misstatement of fact, or
(C) structure or assist in structuring, or attempt to
structure or assist in structuring, any transaction with one or
more trades or businesses.
(2) Penalties
A person violating paragraph (1) of this subsection shall be
subject to the same civil and criminal sanctions applicable to a
person which fails to file or completes a false or incorrect
return under this section.
(g) Cash received by criminal court clerks
(1) In general
Every clerk of a Federal or State criminal court who receives
more than $10,000 in cash as bail for any individual charged with
a specified criminal offense shall make a return described in
paragraph (2) (at such time as the Secretary may by regulations
prescribe) with respect to the receipt of such bail.
(2) Return
A return is described in this paragraph if such return -
(A) is in such form as the Secretary may prescribe, and
(B) contains -
(i) the name, address, and TIN of -
(I) the individual charged with the specified criminal
offense, and
(II) each person posting the bail (other than a person
licensed as a bail bondsman),
(ii) the amount of cash received,
(iii) the date the cash was received, and
(iv) such other information as the Secretary may prescribe.
(3) Specified criminal offense
For purposes of this subsection, the term ''specified criminal
offense'' means -
(A) any Federal criminal offense involving a controlled
substance,
(B) racketeering (as defined in section 1951, 1952, or 1955
of title 18, United States Code),
(C) money laundering (as defined in section 1956 or 1957 of
such title), and
(D) any State criminal offense substantially similar to an
offense described in subparagraph (A), (B), or (C).
(4) Information to Federal prosecutors
Each clerk required to include on a return under paragraph (1)
the information described in paragraph (2)(B) with respect to an
individual described in paragraph (2)(B)(i)(I) shall furnish (at
such time as the Secretary may by regulations prescribe) a
written statement showing such information to the United States
Attorney for the jurisdiction in which such individual resides
and the jurisdiction in which the specified criminal offense
occurred.
(5) Information to payors of bail
Each clerk required to make a return under paragraph (1) shall
furnish (at such time as the Secretary may by regulations
prescribe) to each person whose name is required to be set forth
in such return by reason of paragraph (2)(B)(i)(II) a written
statement showing -
(A) the name and address of the clerk's office required to
make the return, and
(B) the aggregate amount of cash described in paragraph (1)
received by such clerk.
Sources
(Added Pub. L. 98-369, div. A, title I, Sec. 146(a), July 18,
1984, 98 Stat. 685; amended Pub. L. 99-514, title XV, Sec.
1501(c)(12), Oct. 22, 1986, 100 Stat. 2739; Pub. L. 100-690, title
VII, Sec. 7601(a)(1), Nov. 18, 1988, 102 Stat. 4503; Pub. L.
101-508, title XI, Sec. 11318(a), (c), Nov. 5, 1990, 104 Stat.
1388-458, 1388-459; Pub. L. 103-322, title II, Sec. 20415(a),
(b)(3), Sept. 13, 1994, 108 Stat. 1832, 1833; Pub. L. 104-168,
title XII, Sec. 1201(a)(9), July 30, 1996, 110 Stat. 1469.)
Miscellaneous
AMENDMENTS
1996 - Subsec. (e)(1). Pub. L. 104-168 substituted ''name,
address, and phone number of the information contact'' for ''name
and address''.
1994 - Pub. L. 103-322, Sec. 20415(b)(3), substituted ''business,
etc.'' for ''business'' in section catchline.
Subsec. (g). Pub. L. 103-322, Sec. 20415(a), added subsec. (g).
1990 - Subsec. (d). Pub. L. 101-508, Sec. 11318(a), substituted
heading for one which read: ''Cash includes foreign currency'' and
amended text generally. Prior to amendment, text read as follows:
''For purposes of this section, the term 'cash' includes foreign
currency.''
Subsec. (f). Pub. L. 101-508, Sec. 11318(c), substituted heading
for one which read: ''Actions by payors''.
1988 - Subsec. (f). Pub. L. 100-690 added subsec. (f).
1986 - Subsec. (e). Pub. L. 99-514 substituted ''information is
required'' for ''information is furnished'' in heading and, in
text, substituted references to persons required to make a return
for former references to persons making a return and references to
persons whose name is required to be set forth for former
references to persons whose name is set forth.
EFFECTIVE DATE OF 1996 AMENDMENT
Amendment by Pub. L. 104-168 applicable to statements required to
be furnished after Dec. 31, 1996 (determined without regard to any
extension), see section 1201(b) of Pub. L. 104-168, set out as a
note under section 6041 of this title.
EFFECTIVE DATE OF 1994 AMENDMENT
Section 20415(d) of Pub. L. 103-322 provided that: ''The
amendments made by this section (amending this section and section
6724 of this title) shall take effect on the 60th day after the
date on which the temporary regulations are prescribed under
subsection (c) (section 20415(c) of Pub. L. 103-322, set out as a
Regulations note below).'' (Temporary regulations under section
20415(c) of Pub. L. 103-322 were filed Dec. 12, 1994, published
Dec. 15, 1994, 59 F.R. 64572, and effective Feb. 13, 1995.)
EFFECTIVE DATE OF 1990 AMENDMENT
Section 11318(e) of Pub. L. 101-508 provided that:
''(1) The amendments made by subsections (a) and (b) (amending
this section and section 6721 of this title) shall apply to amounts
received after the date of the enactment of this Act (Nov. 5,
1990).
''(2) The amendment made by subsection (c) (amending this
section) shall take effect on the date of the enactment of this
Act.
''(3) Not later than June 1, 1991, the Secretary of the Treasury
or his delegate shall prescribe regulations under section
6050I(d)(2) of the Internal Revenue Code of 1986 (as amended by
this section).''
EFFECTIVE DATE OF 1988 AMENDMENT
Section 7601(a)(3) of Pub. L. 100-690 provided that: ''The
amendments made by this subsection (amending this section and
sections 6721 and 7203 of this title) shall apply to actions after
the date of the enactment of this Act (Nov. 18, 1988).''
EFFECTIVE DATE OF 1986 AMENDMENT
Amendment by Pub. L. 99-514 applicable to returns the due date
for which (determined without regard to extensions) is after Dec.
31, 1986, see section 1501(e) of Pub. L. 99-514, set out as an
Effective Date note under section 6721 of this title.
EFFECTIVE DATE
Section 146(d) of Pub. L. 98-369 provided that: ''The amendments
made by this section (enacting this section and amending sections
6652 and 6678 of this title) shall apply to amounts received after
December 31, 1984.''
REGULATIONS
Section 20415(c) of Pub. L. 103-322 provided that: ''The
Secretary of the Treasury or the Secretary's delegate shall
prescribe temporary regulations under the amendments made by this
section (amending this section and section 6724 of this title)
within 90 days after the date of enactment of this Act (Sept. 13,
1994).'' (Temporary regulations under section 20415(c) of Pub. L.
103-322 were filed Dec. 12, 1994, published Dec. 15, 1994, 59 F.R.
64572, and effective Feb. 13, 1995.)
REPORTS ON USES MADE OF CURRENCY TRANSACTION REPORTS
For requirement of Secretary of the Treasury to report to
Congress on number of reports filed under this section yearly, the
rate of compliance with reporting requirements, the manner in which
Federal agencies collect, organize and analyze such data, and
sanctions imposed and indictments filed for failure to comply, see
section 101 of Pub. L. 101-647, set out as a note under section
5311 of Title 31, Money and Finance.
NO INFERENCE TO BE DRAWN FROM AMENDMENT
Section 7601(a)(4) of Pub. L. 100-690 provided that: ''No
inference shall be drawn from the amendment made by paragraph (1)
(amending this section) on the application of the Internal Revenue
Code of 1986 without regard to such amendment.''
References
SECTION REFERRED TO IN OTHER SECTIONS
This section is referred to in sections 6050R, 6103, 6721, 6724,
7203 of this title; title 12 section 3420; title 25 section 2719;
title 28 section 524.
